NEWS :Australia: Trade surplus hits a fresh record high – Westpac

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Australia: Trade surplus hits a fresh record high – Westpac

Andrew Hanlan, analyst at Westpac, notes that in May, Australia’s trade surplus climbed to a fresh record high, rising to $5.7bn, up from $4.8bn in April.

Key Quotes

“The outcome exceeded expectations (market median $5.25bn and Westpac $5.4bn).”

“Exports advanced strongly, rising by +3.6% (+$1.4bn) v’s a forecast increase of 1.8%.”

“Imports lifted, up by +1.5% (+$0.5bn) v’s a forecast +0.7%.”

“The trade surplus has widened to record highs in 2019, with further upside.”

“On the back of larger trade surpluses, the current account deficit has narrowed sharply to be at historic lows, coming in at only 0.6% of GDP in the March quarter 2019, the smallest deficit since 1979 Q4 (also a -0.6% of GDP) and before that, 1975 Q2, which was a current account surplus, +0.2% of GDP.”

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